RECE
Hong Kong Economic JAN 1992 & Financial Round-up
69
Overview
HONG KONG ECONOMY
Issue No. 12/92
In October, the performance of re-exports remained strong while domestic exports continued to improve. Imports also grew sharply.
2.
After a temporary easing in the early part of this year, the labour market has tightened up since the middle of the year. Consumer price inflation moderated in October after the relapse in September, as vegetable prices returned to a lower level following the surge in the preceding month.
3.
Local money market interest rates edged up further during November, following the trend of their US dollar counterparts. The market exchange rate of the Hong Kong dollar against the US dollar moved within a narrow range. The overall exchange value of the Hong Kong dollar, as indicated by the effective exchange rate index, rose slightly during November.
4.
Carrying forward the momentum of the preceding month, the Hang Seng Index rose to an historic high on 12 November. However, jitters on the political front sent the stock market down in the latter part of the month.
External trade
5.
Re-exports rose strongly by 32.9% in value terms in October over a year earlier, following an increase of 28.4% in September. The value of domestic exports showed a slight increase of 2.6% in October, having risen by 2.9% in the preceding month. Meanwhile, the value of imports increased by 29.9%. The corresponding increase in September was 23.9%.
6.
In real terms, re-exports registered a substantial growth of 29% in the first nine months of 1992 over a year earlier, while domestic exports increased slightly by 1%. Over the same period, imports rose markedly by 22%.
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HONG KONG GOVERNMENT OFFICE